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Why is oil so important to the countries of the Arabian Peninsula?

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Why is oil so important to the countries of the Arabian Peninsula?

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Oil is basically the only valuable natural resource many countries in the Arabian peninsula have. The income provided by oil sustains their economies and without it, they would be poor, underdeveloped nations. With oil as valuable as it is today, these nations are becoming richer than many European, Asian and American nations. They control the oil production which runs the machines of the world's industrial nations and therefore have much power in the world.

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